Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1887-06-23
a BEAR DANCE.


Trade-Brim Has an Inning and KNOCKS
the Bottom Out of the Bull Pen-A Tum-
he of Twenty Cents on Wheat ANA cthe
Disasters it Entailed.
CHICAGO, June 1A-There Is panic In
the wheat pit on the Board Of Trade this
afternoon. The great wheat clique is ut
terly demoralised, and is said to have
gone broke on to-day's sensational droI
in prices. Moritz, Rosenfeld & CO., one
Of the clique houses, said to re-
Porter for the United Press at half
n, So twelve o'clock this afternoon:
This wheat clique has not kept
is engagement, and we will have to sus
pend.' Il is feared that number OF
other houses win go to the wall before
hight.
Resented & Co.'S, failure has just been
announced ON the board. Wheat declined
for June from 81 to Is, decline OF 17c
per busheL
CHICAGO, June 15-The panic in wheat
Yesterday resulted in the failure Oh
Maurice Rosenfeld & Co, Hlmill & rine
and E. W. Bailey & Co., and in the serious
embarrassment of c. j. Kershaw q 20.
Settling clerks, messenger boys ana
anxious brokers' foc'led into the ofdce OF
the latter firm in the afternoon to inquire
for a statement from the firm OF its
standing, but no statement could be OBJ
tanned In the evening the firm caus ed il
to be announced that it was expected that
funds would be forthcoming to-day to pay
all differences. 1t is believed that should
Kershaw & Co. fail to meet their heavy
obligations to-day not less than twelve
well known firms will go down.
In speaking of the break, Secretary F.
Stone of the Board of Trade said it was
a matter of great surprise that more fail
ures did not result. The trade generally,
ne thought, had kept itself well protected
and had shown remarkable firmness in
view Of the severity of the shock. As
much business was done on 'chan ge yester
day as would ordinarily be done in ar
entire week.
Mr.. Hamill, senior member of the sus
pended firm of Hamill & Brine, said that
the drop came SO quickly that they did
not have time to call or collect margins.
The closing out Of all trades and thei !
temporary suspension were for the pur'
pose of self-protection. The clerks were
working on the books, and settlements
would be made, he declared, as fully and
quickly as possible.
e. W. Bailey, whose house failed, sai(
the whole thing was SO unexpected tina
they had not time to realize what ha(
taken place before the bottom was struck
They were called for about twenty thou
sand dollars margins, and called theil
customers for about ten thousand dollars
They would not be able to tell how they
stood until to-day.
Joseph Rosenbaum & Co. is one of thu
firms whose fate depends on the solvency
of Kershaw & Co. They are long ont
hundred thousand bushels OF wheat a
ninety-two, and their loss will ap
proximate twenty thousand dollars, ant
unless certain differences are paid them
by Kershaw it is expected they will go to
the wall.
President A. NJ. Wright of the Boarc
of Trade said that the break yesterda.
was the biggest and most rapid he hat
ever seen on Change, save perhaps or
the occasion of John B. Lyons & Co..:
faila &c in 1879, when wheat broke right
eff from $165 to 81. ID per bushel.
Wiltshire, the supposed leader of the
Cincinnati clique, was here Saturday,
Sunday and Monday, and it was well
known among the shorts that repeated
interviews occurred between hin
and his Chicago brokers a
the Richelieu, and in consequence
the latter were closely watched
Kershaw was noticed leaving the last con
ference Monday night in such troubled
spirits that certain Of the watchful shorts
scented the trouble, and as soon as trad
ing began in the morning acted upon theil
'impressions.t
Leopold Bloom, who has gained consid-
cradle notoriety as scalper, is said to
have cleared seventy thousand dollars on
the decline. The break did not seriously
affect the buck st-shops. Some of them
lost money, but not enough to close them
up. Said one of the sharpests: 81 wa
heavily called when I went short, ant
called back what i supposed would pro
:tect me, but there is now over S10,O il
INV favor in one II ade with a suspended
house, and l have number of other
that are in an equally bad shape"